frongt@lemmy.zip 1 week ago
Twitter screenshot meme slactivism aside, it’s because private land is a limited resource. The more you keep for yourself, the more you pay (generally).
frongt@lemmy.zip 1 week ago
Twitter screenshot meme slactivism aside, it’s because private land is a limited resource. The more you keep for yourself, the more you pay (generally).
LouNeko@lemmy.world 1 week ago
Plus, property tax is one of the only taxes that really hits wealthy people hard.
rf_@lemmy.world 1 week ago
In California the property taxes are such that it punishes people that didn’t buy a house 30 years ago. The apartment I rent pays property taxes on a valuation of ~$250k. This property just went for sale at $1.2 million. Whoever buys it now will pay property taxes on a $1.2 million valuation, while right now due to how the law is structured, the current owner pays taxes on $250k.
It’s just a big fuck you by the system. The tax law was modified because they saw that if they kept increasing the tax proportionally with the market value of the home, soon a bunch people would lose their homes because wages are stagnant and home prices are rocketing. So they passed this cap that helps current homeowners.
I don’t know if there is a reasonable tax under these conditions where home speculation and investment-mindset inflates home prices while wages are stagnant and inflation is a bustling.